At 32.1% CAGR, Asia Pacific API Management Market is Projected to be Worth US$ 10,148.93 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific API management market was valued at US$ 1,094.00 million in 2023 and is expected to reach US$ 10,148.93 million by 2031, registering a CAGR of 32.1% from 2023 to 2031. Rising digital transformation and integration of API with Artificial Intelligence (AI) are among the critical factors attributed to the Asia Pacific API management market expansion.

Digital transformation is driven by rapidly changing user expectations and the need to connect a growing number of applications and digital experiences. API integration is considered critical by 83% of IT specialists, according to the State of API Integration Report. APIs have become a standardized mechanism to connect partners and are increasingly seen as products in their own right. Large enterprises are leveraging APIs to enable change and drive digital transformation. APIs play a crucial role in enabling connected customer experiences, digital business excellence, and the emergence of an ecosystem-driven economy.

Furthermore, APIs allow businesses to connect with their customers through various digital channels and provide seamless experiences across different touchpoints. By leveraging APIs, companies can integrate their systems and data to deliver personalized and consistent customer experiences. APIs enable businesses to unlock the value of their data and systems by making them accessible to internal teams, partners, and developers. This promotes innovation, agility, and collaboration, leading to digital business excellence. APIs facilitate the creation of ecosystems where different organizations can collaborate, share data, and build new products and services. This ecosystem-driven economy fosters innovation, accelerates time-to-market, and creates new business opportunities.

On the contrary, complexity of API hampers the growth of Asia Pacific API management market.

Based on component, the Asia Pacific API management market is bifurcated into solutions and services. The solutions segment held 84.3% market share in 2023, amassing US$ 922.67 million. It is projected to garner US$ 8,794.24 million by 2031 to register 32.6% CAGR during 2023-2031.

In terms of deployment, the Asia Pacific API management market is bifurcated into cloud and on-premises. The cloud segment held 64.4% share of Asia Pacific API management market in 2023, amassing US$ 705.04 million. It is projected to garner US$ 7,026.59 million by 2031 to expand at 33.3% CAGR during 2023-2031.

In terms of organization size, the Asia Pacific API management market is bifurcated into large enterprises and SMEs. The large enterprises segment held 67.9% share of Asia Pacific API management market in 2023, amassing US$ 743.22 million. It is projected to garner US$ 6,705.24 million by 2031 to expand at 31.6% CAGR during 2023-2031.

In terms of end user, the Asia Pacific API management market is segmented into IT & Telecom, BFSI, healthcare, government, manufacturing, and others. The IT & Telecom segment held 27.3% share of Asia Pacific API management market in 2023, amassing US$ 298.88 million. It is projected to garner US$ 3,350.47 million by 2031 to expand at 35.3% CAGR during 2023-2031.

Based on country, the Asia Pacific API management market has been categorized into China, Japan, India, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 33.5% share of Asia Pacific API management market in 2023. It was assessed at US$ 366.60 million in 2023 and is likely to hit US$ 3,942.28 million by 2031, exhibiting a CAGR of 34.6% during 2023-2031.

Key players operating in the Asia Pacific API management market are International Business Machines Corp; Microsoft Corp; Oracle Corp; Google LLC; Broadcom Inc; Software AG; Akamai Technologies Inc; SAP SE; Amazon Web Services Inc; and Postman, Inc. among others.

• In May 2024, Akamai Technologies, Inc., the cloud company that powers and protects life online, announces that it has entered into a definitive agreement to acquire an application programming interface (API) security company, Noname Security. Noname, one of the top API security vendors in the market, will enhance Akamai's existing API Security solution and accelerate its ability to meet growing customer demand and market requirements as the use of APIs continues to expand. Akamai also expects to gain greater scale with Noname's additional sales and marketing resources and established channel and alliance relationships.
• In April 2024, Postman, the world's leading API collaboration company, announced the acquisition of Orbit, the community growth platform for developer companies. Over the past four years, Orbit has helped the leading developer companies grow their communities. It will now integrate its technology and deploy its expertise in support of Postman's vision of empowering 100 million developers through API collaboration.
  
  

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